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Saudi Arabia has cut oil prices for Asian buyers more than anticipated, with Saudi Aramco setting the January premium for Arab Light crude at 90 cents a barrel above the regional benchmark, down from $1.70 this month. Prices for north-west Europe and the Mediterranean were also reduced, while North America saw no changes. Concerns over sluggish demand growth, particularly in China, have contributed to lower benchmark oil prices, with Brent crude trading just over $71 a barrel.
Oil prices showed mixed results as rising tensions in the Middle East countered demand concerns. Brent crude futures dipped slightly to $71.11 per barrel, while US West Texas Intermediate rose to $67.21 per barrel. Brent experienced a decline of over 2.5% last week, and WTI fell by 1.2%, with analysts predicting a supply surplus next year due to weak demand, despite OPEC+ extending production cuts until the end of 2026. Saudi Aramco has also lowered its January 2025 prices for Asian buyers, reflecting the impact of reduced demand from China.
Saudi Arabia is reducing oil prices for Asian buyers more than anticipated, following OPEC+'s decision to delay output revival, indicating a weak market outlook. Saudi Aramco will sell its Arab Light crude at a premium of 90 cents a barrel for January, down from $1.70 this month. This adjustment was expected to be less significant, with forecasts suggesting a reduction to $1.
OPEC+ has postponed the revival of its oil production by three months, marking the third delay amid concerns over a potential surplus and struggling crude prices. The group, led by Saudi Arabia and Russia, will now begin increasing supply in April, starting with a hike of 180,000 barrels a day, but at a slower pace than initially planned.
Saudi stocks are lagging behind emerging-market benchmarks for the first time since 2020, yet investors are optimistic about a potential rebound next year. The kingdom is not facing the same trade tariff threats as countries like China or Mexico, making it a more attractive market. Although share valuations remain relatively high, they have decreased from earlier peaks this year.
China and the US were absent from treaty discussions on production limits, with the US likely shifting its stance post-Trump's victory. The petrochemical industry, heavily represented at the talks, opposes ambitious treaty measures, focusing instead on waste management while ignoring the need for production caps, which could exacerbate plastic pollution and health risks. As fossil fuel demand declines, plastics are seen as a profitable alternative, raising concerns about environmental and health impacts.
Switzerland's environment minister, Albert Rösti, announced that the country will not increase state-sponsored climate aid to poorer nations, rejecting a proposal to triple funding to $300 billion. He emphasized the need for realistic financial commitments and indicated that any increase would rely on private investments. Switzerland has contributed $700 million to climate protection in developing countries and aims to meet its CO₂ reduction targets through both domestic measures and international projects.
Saudi Arabia is adopting a 'deficit by design' policy, anticipating budget deficits in the coming years to invest in the non-oil sector. The kingdom forecasts a fiscal deficit of approximately 2.8% of GDP this year, with no guidance on returning to a surplus, as it commits to Crown Prince Mohammed bin Salman’s Vision 2030 agenda for economic diversification.
Officials from Iraq, Russia, and Saudi Arabia convened in Baghdad to discuss energy markets ahead of the OPEC+ meeting. Iraqi Prime Minister Mohammed Shia Al-Sudani met with Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman to address key issues impacting the alliance.
At COP29 in Baku, a $300 billion annual climate finance deal was adopted to aid developing nations, but it faced criticism for being inadequate. While some hailed it as a step forward, representatives from poorer countries expressed disappointment, stating it falls short of urgent funding needs amid escalating climate impacts. The agreement aims to raise $1.3 trillion annually by 2035 and sets the stage for next year's summit in Brazil, yet lacks concrete actions to transition away from fossil fuels.
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